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February 22, 2023
- Next support is currently 37 cents away at $47.25
Having fallen 64 cents in 4 days, Yesterday's session continued down the same path: after closing the previous trading day at $49.14 and dropping to $47.49, the Dutch semiconductor maker closed yesterday at $47.62. By the end of the session, STMicroelectronics gave up a total of 3.09%.
The stock has been trending positively for about a month. The Dutch tech company has gained 33.28% since its lowest print of $29.56 earlier this year.
Chart analysis indicates STMicroelectronics N.V. could begin to recover as it approaches significant support, now 37 cents away from $47.25. Dipping below could be an indication that further losses are ahead.
Fundamental indicators – United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million.
STMicroelectronics was not the only decliner in the technology sector; Intel closed at $26.06 (down 5.61%). Accenture plc Class A (Ireland) went down to $269.15, losing 2.85% after it closed at $277.05 yesterday. IBM lost 2.45% yesterday and closed at $131.71.
Upcoming fundamentals: tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million.
